ICO’s sell $30 million of Ethereum, more dumping to come?

Ethereum, which has lost 60% since the beginning of September, may have more bad times ahead. ICOs, many of whom raised funding in Ethereum token are now dumping their tokens. ICOs reportedly sold off in quick succession, over $30 million in Ethereum tokens, tanking the price to $185 and the dumping may not be over yet. ICOs still hold hundreds of millions of dollars in Ethereum tokens that could be dumped if there is an exodus from Ethereum. This is further future implications for Ethereum as there are two possibilities.
The first is that the ICOs are just running out of money and need to sell to have funds for development. This would signal that projects based on Ethereum are running out of steam and may go under, which would negatively impact Ethereum by further decreasing its network transaction volume.
Second, these ICOs may be selling their Ethereum tokens because they are planning to move from ERC-20 to another network like XLM, TRON, EOS, etc. This would also be bad for Ethereum as it would increase a competitor’s volume while decreasing Ethereum’s own volume.
Either way I look at it, I would not put much money in Ethereum under the current market conditions.